Fund Evaluator:
VALIC Company I Emerg Economies (VCGEX)
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Best Performing in Diversified Emerging Mkts Over the Last Year
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| 51.1% | WCM Focused Emerging Mkts Ex Chn Inv (WCFEX) |
| 47.2% | Matthews Emerging Markets Sust Fut Inv (MASGX) |
| 46.5% | Lazard Emerging Markets Equity Instl (LZEMX) |
| 46.5% | LSV Emerging Markets Equity Inv (LVAZX) |
Fund Details
VALIC Company I Emerg Economies Overview
VALIC Company I Emerg Economies (VCGEX) is an actively managed International Equity Diversified Emerging Mkts fund. VALIC launched the fund in 2005.
The investment seeks capital appreciation. Under normal circumstances, the fund invests at least 80% of value of its net assets in equity securities of emerging market companies and other investments that are tied economically to emerging markets. The fund may invest in securities denominated in U.S. dollars, other major reserve currencies, such as the euro, yen and pound sterling, and currencies of other countries in which it can invest.
About VALIC Company I Emerg Economies (VCGEX)
There are 2 members of the management team with an average tenure of 2.25 years: Jeff Shen (2024), David Piazza (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI ex USA TR USD index with a weighting of 100% and MSCI EM NR USD index with a weighting of 100%. VALIC Company I Emerg Economies has 591 securities in its portfolio. The top 10 holdings constitute 41.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
VALIC Company I Emerg Economies is part of the Equity global asset class and is within the International Equity fund group. VALIC Company I Emerg Economies has 98.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.6%. There is 98.7% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). VALIC Company I Emerg Economies has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $875 million in total assets, which is below the $967 million average for the Diversified Emerging Mkts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VCGEX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The VALIC Company I Emerg Economies expense ratio is high compared to funds in the Diversified Emerging Mkts category. VALIC Company I Emerg Economies has an expense ratio of 1.02%, which is 12% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. VALIC Company I Emerg Economies has a portfolio turnover rate of 154%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.
Recently, in the month of July 2026, VALIC Company I Emerg Economies returned -5.0%, which earned it a grade of C, as the Diversified Emerging Mkts category had an average return of -4.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
VALIC Company I Emerg Economies has a trailing yield of 1.69%, which is below the 1.72% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
VALIC Company I Emerg Economies Grades
Year to date, the fund has returned 20.5%, 1.4 percentage points better than the category, which translates into a grade of B. The fund has returned 35.2% over the past year (grade of C), 19.7% over the past three years (grade of B) and 7.2% per year over the past five years (grade of C) and 9.0% per year over the past 10 years (grade of C).
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VCGEX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VCGEX Return (NAV) | -5.0% | 3.3% | 35.2% | 19.7% | 7.2% | 9.0% |
| VCGEX Grade | C | B | C | B | C | C |
| +/- Category | -0.1% | 0.8% | -0.7% | 1.8% | 0.7% | 0.3% |
| Diversified Emerging Mkts Avg | -4.9% | 2.4% | 35.9% | 17.9% | 6.5% | 8.7% |
| VCGEX Tax Cost Ratio | na | na | 0.5% | 0.8% | 2.1% | 1.3% |
VCGEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VCGEX Return (NAV) | 20.5% | 30.1% | 11.4% | 12.1% | -25.4% | 1.2% | 15.5% | 20.3% | -19.3% | 41.3% | 11.5% |
| VCGEX Grade | B | D | A | C | D | B | D | C | F | B | B |
| +/- Category | 1.4% | -1.3% | 5.2% | -0.0% | -2.7% | 1.4% | -6.1% | -1.6% | -2.9% | 4.6% | 2.9% |
| Diversified Emerging Mkts Avg | 19.1% | 31.4% | 6.2% | 12.1% | -22.6% | -0.2% | 21.6% | 21.9% | -16.4% | 36.6% | 8.6% |
| Risk Measures | |
| Standard Deviation: | 16.6% |
| Total Risk Index: | 1.35 - High |
| Category Risk Index: | 0.99 - Average |
| Category Risk Grade: | C (51% Rank) |
| Beta: | 1.04 |
| R-Squared: | 75% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.7% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $875 Mil |
| Fund Total Assets: | $ 875 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 154% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.3 years | |||
| Average Tenure: 2.3 years | |||
| Managers (Year): Shen Jeff (2024), Piazza David (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 591 |
| % in Top 10 Holdings: | 41.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 98.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.6% |
| Foreign Stock: | 98.7% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | VALIC |
| Phone Number: | 800-448-2542 |
| Website: | www.valic.com |
| Status: | Open |
| Inception Date: | December 5, 2005 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.02% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.16% |
| Share Class: | VALIC Company I Emerg Economies |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
